Washington, D.C., July 1, 2004 – LAWFUEL – The Securities and Exchange Commission today announced the selection of Charles A. Fishkin as the director of the newly formed Office of Risk Assessment (ORA). Mr. Fishkin will manage the overall risk assessment program, coordinating risk assessment activities across the agency, and will report directly to SEC Chairman William H. Donaldson.
Chairman Donaldson said, “Charles Fishkin brings a unique combination of experience, skills and expertise in the field of risk management to the Commission. Coupled with his first-hand knowledge and keen understanding of the capital markets, he is an excellent choice to head the newly created Office of Risk Assessment. I look forward to having Charles as part of the SEC team.”
Mr. Fishkin, 44, most recently served as vice president of Firmwide Risk at Fidelity Investments in Boston. In this capacity, he was part of the firm’s risk oversight unit, helping Fidelity manage risk across its businesses, including its mutual fund, brokerage, and employee benefits units. He also serves on the board of directors of the International Association of Financial Engineers and helped found the organization’s operational risk committee, which he co-chairs. He has written and spoken extensively on risk management issues.
Chairman Donaldson instituted the first-of-its-kind risk assessment initiative last year after conducting an internal review of how the agency deals with risk. The initiative built the framework for ORA by organizing internal risk teams in a “bottom-up” approach for each major program area. ORA will coordinate the internal risk teams to improve the agency’s ability to anticipate potential problem areas across the securities industry, and will focus on early identification of new or resurgent forms of fraud and illegal or questionable activities.
Chairman Donaldson said, “The Office of Risk Assessment, and the important ground work we’ve laid for this critical initiative, will help the agency ensure a process whereby senior managers at the Commission have the information necessary to make better, more informed decisions and to proactively adjust operations, resources, and methods of oversight to address new challenges and prevent problems.”
Fishkin said, “It is a special honor to join the SEC at this important point in the agency’s history. There is a tremendous amount of intellectual capital at the Commission and I look forward to working with these talented and dedicated professionals. I thank Chairman Donaldson for selecting me to take on this new and exciting role.”
A Nebraska native, Mr. Fishkin has a bachelor’s degree in Economics from the University of Chicago. He and his family reside in Wellesley, Mass.